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OPEC+ began meetings on November 16 to consider further steps to support oil markets in 2021, as a second COVID wave hit demand. Options include maintaining the 7.7 million bpd cuts for three to six months rather than easing to 5.7 million bpd in January.
Favoured option of extending cuts would keep supply tight and support crude prices, a factor for energy and freight costs in feed markets.
forbesmiddleeast.comKishore Kumar, Layan Abo Shkier, Ashish Rukhaiyar, Piyush PandeyNov 16, 2020After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
